Daily Wave Analysis for 10 October 2014

EURUSD

Yesterday the EURUSD stopped at the 23.6 Fibonacci retracement level – although often price retraces to the 38.2 Fib which is why for the moment the correction is marked as a WXY (blue).

4 hour EURUSD:

If price does bounce up, then the wave Y (blue) Fibonacci targets could be minor stopping spots until price reaches the major 38.2 Fib level.

60 min EURUSD:

GBPUSD

The GBPUSD is in a triangle with a resistance trend line (purple) above it and a support trend line (green) below it.

4 hour GBPUSD:

Price rose yesterday towards the first targets of the corrective waves Y (green), Y (blue) and 4 (red).

60 min GBPUSD:

USDJPY

The USDJPY is most likely in a wave 4 (red) correction. With the break of the support trend line it seems probable that price will retrace to the 38.2 Fibonacci retracement level.

4 hour USDJPY:

An ABC zigzag pattern (blue/purple) might take place to complete wave 4 (red).

60 min USDJPY:

Original Source – Admiral Markets